Profit First for Founders: How to Take Control of Your Finances

Discover how to apply Profit First for Founders and finally gain control over your business finances. In this episode of the Build Your Business Podcast, Matt and Chris Reynolds walk you through the exact strategies they’ve used to move from cash burn to consistent profit—including financial dashboards, lean budgeting, and tactical cost-cutting.

Whether you’re bootstrapping or scaling, this episode gives you an actionable framework to take the stress out of money management and create a business that pays you first. You’ll learn how to reduce fat, stop overspending, and grow your business profitably—starting today.

📘 What You’ll Learn

• Why traditional accounting sets founders up for failure

• How to implement the Profit First for Founders system

• The power of sub-accounts and percentage-based allocations

• Tactics to cut expenses without hurting your business

• What to do if your business is already in a cash burn

• How to create calm and clarity with weekly financial check-ins

⏱️ Timestamps

00:00 – Intro & Christmas Reflections 01:03 – Bootstrapping Recap & 2025 Budgeting 01:52 – Why You Must Know Your Numbers 03:09 – Dashboards and Decision-Making 06:04 – Business Accounting 101: Revenue to Net Profit 10:03 – Gross Margin Red Flags and How to Spot Them 12:00 – Why Traditional Accounting Fails Founders 14:49 – Profit First for Founders: Overview and Setup 17:14 – Bank Accounts, Sub-Accounts, and Cash Flow 25:35 – Increasing Profit Percentages Over Time 32:05 – How to Get Lean Without Sacrificing Quality 34:00 – Cost-Cutting Tactics: COGS, Payroll, Opex 40:49 – Negotiating Costs (Without Burning Relationships) 45:32 – The Power of Opex Control 48:10 – Home Office Deductions and Separation of Finances 52:19 – Working from Home and Tax Advantages 54:04 – Using Contractors vs Employees 56:02 – Horror Story: DIY Taxes Gone Wrong 56:49 – Using QuickBooks and Weekly Reviews 59:59 – From Burn to Profit: How They Cut $750K 1:03:00 – Why Profit First Gives You Options 1:04:48 – Ending the Year Strong with Financial Clarity 1:06:14 – The Power of Taking Action Now

🔖 Hashtags

#ProfitFirstForFounders #BusinessFinance #SmallBusinessTips #Entrepreneurship #StartupFinance #GetLean #ProfitFirst #FinancialFreedom #FounderTips

PS - Coach Smarter, Earn More: https://bit.ly/3X4ixOX Matt's Links Website: https://ryanmattreynolds.com/ Instagram: https://www.instagram.com/reynoldsstrong/?hl=en Chris's Links: LinkedIn: https://www.linkedin.com/in/chrismreynolds/